'India's exports to grow 12-15 per cent this year'

New Delhi, Feb 14: Union Trade Minister Kamal Nath has said that India's exports, which have been hit hard by the slowdown in global markets, will grow 12-15 per cent in the current fiscal year.

Talking to reporters on Friday, Feb 13 Kamal Nath said, "When we close this year on March 31, we will not have a negative growth, we'll have a positive growth. And I expect that we will see growth of 12-15 percent in export despite the downturn."

Exports fell an annual 1.1 percent in Dec to 12.69 billion dollars, according to government data, a third straight month of losses.

Kamal Nath also said that the 51 per cent cap for Foreign Direct Investment (FDI) in retailers offering one brand of goods remained. No foreign direct investment is allowed in retailers offering a variety of brands.

The government is also considering the demands of exporters for tax breaks and lower borrowing costs, as industry lobby groups project 10 million job losses in the year to March.